The Union Bank of the Philippines, which is part of a conglomerate led by Aboitiz Equity Ventures, is set to form the fourth digital-only bank in the country, according to a Philstar Global report. The UnionBank’s digital banking application was approved by the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, on July 15, the bank revealed in a stock exchange disclosure today. The disclosure noted that UnionBank will form a virtual bank known as Union Digital Bank or UnionDigital as a wholly-owned subsidiary. The BSP created a new bank category for virtual lenders in December last year.…